Seen at Business Insurance:
The U.S. property/casualty insurance industry’s net income after taxes was $61.9 billion in 2007, down 5.8% from the prior year, the Insurance Services Office Inc. and the Property Casualty Insurers Assn. of America reported Wednesday.[...]
“Driving the erosion in net income and overall profitability, the property/casualty insurance industry’s net gains on underwriting fell 38.9% to $19 billion in 2007 from $31.1 billion the year before,” the groups said in a statement announcing the results. “The combined ratio—a key measure of losses and other underwriting expenses per dollar of premium—edged up to 95.6% in 2007 from 92.4% percent in 2006,” according to ISO and PCI.
So, is anyone taking bets on whether consumer advocates will complain about doctored numbers, or move on to other complaints about property/casualty insurance beyond “record profit”?